Russian oligarch suspected of massive money-laundering spree out on bail

Suleyman Kerimov (right). Photo: Federation Council of the Russian Federation

Russian oligarch Suleyman Kerimov has been released by a French court on €40 million bail as an investigation continues into alleged massive tax fraud and money-laundering linked to the purchase of luxury villas on the Côte d’Azur. Citing a flight risk, prosecutors had asked for Kerimov to be detained as they continue their investigation.

Kerimov left the court surrounded by his own bodyguards, without making any comment. His arrest at Nice Airport last month provoked an angry response from President Vladimir Putin’s government. Kerimov represents the Caucasus Republic in the Russian Federation Council.

Kerimov is suspected of laundering money and evading millions of euros in taxes when he bought five villas on the Cap d’Antibes in another name. According to sources close to the investigation, a large portion of the payments were made in cash. A lower price was declared to the authorities in order to avoid taxes on the full amount.

Nice public prosecutor Jean-Michel Prêtre said the amount lost to the French treasury was between €500 and €750 million.

Four of the five villas were seized, the other was resold before the authorities could take it. Thirteen people have been charged during the investigation, which started in 2014.

Monaco-based Scorpio Bulkers, the dry-bulk shipping company, issued a market update on Tuesday, January 30, in which it said that for the first time since 2014 dry bulk ton-mile demand growth, at 5.3 percent, outpaced fleet supply growth.

With the advent of new sulphur emission regulations in 2020, modern fuel efficient ships have a competitive advantage over older tonnage through lower fuel consumption. “ECO Ships make a difference,” Scorpio commented.

Scorpio Bulkers has the youngest ECO dry bulk fleet and fuel efficient vessels ready for the new sulphur and ballast water treatment regulations, the company said.

During the last 12 months asset values have increased and resale values now exceed new building values, supporting market expectations of continued recovery.

Scorpio Bulkers Inc. owns 56 mid-size dry bulk "ECO" vessels with an average age of two years and time charters in one vessel. The company is headquartered in Monaco, incorporated in the Marshall Islands, exempt from US income tax, has NYSE-compliant governance and transparency for foreign private issuers and is listed under the ticker “SALT”.